Alcoa, 175 IAM workers reach new 5-yr labor deal

CarolynPritchard

SAN FRANCISCO (MarketWatch) -- Alcoa Inc.
AA, +2.36%
said Friday that the company and the International Association of Machinists and Aerospace Workers have reached a new 5-year labor contract representing 175 employees at three plants in Louisville, Ky., and Richmond, Va. The new contract gives IAM members the same program offered to almost 80% of Alcoa's U.S. salaried, union, and non-union employees. Employees will begin making contributions toward their healthcare costs in January 2007, substantial base hourly wage rate increases will be in effect 11 months before that, and a new benefit structure will be adopted that will give new hires the same pay as current employees, but somewhat different benefits more closely aligned with new salaried employees, the Pittsburgh-based company said.

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